Oslo, 22 March 2016 - DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 13.46 million from the Kurdistan Regional Government for February crude oil deliveries to the export and local markets from the Tawke field under the payment arrangement announced earlier this year.
The funds, to be shared pro-rata by DNO and partner Genel Energy plc, include USD 11.29 million toward the monthly entitlement for February deliveries and USD 2.17 million toward the recovery of outstanding receivables for past deliveries.
Tawke deliveries for export in February averaged 66,427 barrels of oil per day (bopd), down from an average of 119,390 bopd in January, due to an extended closure of the Turkish segment of the export pipeline during the second half of the month. Tawke deliveries to the local market in February averaged 6,697 bopd, up from 1,370 bopd a month earlier. For purposes of pricing and entitlement payments, February deliveries to the local market were treated as deemed exports.
DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.